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US Equity Markets End Higher Despite Renewed US-Iran Tensions
US equity indexes ended higher on Monday even as President Donald Trump rejected Iran's response to a US proposal to restart peace talks, sending oil prices higher.* The US and Iran remained far apart on a framework to end their war and reopen the Strait of Hormuz, with Trump calling Tehran's reply to his proposed peace plan "a piece of garbage," Bloomberg reported.* US existing home sales rose 0.2% to a 4.02 million annual rate in April from 4.01 million in March, below the 4.05 million expected in a Bloomberg survey.* June West Texas Intermediate crude oil rose $2.74 to settle at $98.16 per barrel, while July Brent crude, the global benchmark, was last seen up $2.94 at $104.23.* Lumentum Holdings (LITE) shares rose 17%, the top gainer on the S&P 500. The stock will be added to the Nasdaq 100 effective May 18.* Trade Desk (TTD) shares fell 6.8%, the third-biggest decline on the S&P, after HSBC downgraded the stock to reduce from hold and cut its price target to $20 from $31.
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US Equity Indexes Mixed, Crude Oil Rises as Iran Peace Plan Stalls
US equity indexes traded mixed ahead of Monday's close, while crude oil futures rose with Treasury yields, after President Donald Trump rejected Iran's response to its proposal to restart the peace process.The S&P 500 climbed 0.1% to 7,407.1, and the Dow Jones Industrial Average was slightly higher at less than 0.1% to 49,651.2. The Nasdaq Composite was little changed at 26,302.1, giving up almost all of its intraday gains.Trump said the US-Iran ceasefire is on "massive life support," after he rejected Tehran's response to his peace proposal as unserious, according to a report from The Wall Street Journal. Iran, in its response, demanded a lifting of the US naval blockade and sanctions relief, while maintaining a degree of control over traffic through Hormuz, a person familiar with the matter told Bloomberg.Trump is meeting with his national security team on Monday to discuss the way forward in the Iran war, including possibly resuming military action, three US officials told Axios. Iran's Foreign Ministry said earlier that its proposal, which state media reported included recognition of its sovereignty over the Strait of Hormuz, was "reasonable" and "generous."West Texas Intermediate crude oil futures rose 3.4% to $98.69, and Brent crude futures increased 3.3% to $104.66.US Treasury yields rose, with the 10-year up 4.6 basis points to 4.41% and the two-year rate higher by 5.8 basis points to 3.95%.
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Japan
US Equity Indexes Mixed, Crude Oil Rises as Iran Peace Process Stalls
US equity indexes traded mixed midday Monday, while crude oil futures rose, after President Donald Trump rejected Iran's response to his proposal to restart the peace process.The Nasdaq rose 0.3% to 26,320.6 after touching a record 26,339.78 intraday. The S&P 500 climbed 0.3% to 7,421.2 after hitting an all-time high of 7,423.59 earlier in the session. The Dow Jones Industrial Average was steady at 49,655.5.Energy was the standout gainer, followed by materials and technology. Communication services and consumer discretionary led the decliners.Tech heavyweights Qualcomm (QCOM), Micro Technology (MU), and Nvidia (NVDA) were among the top 10 gainers intraday in a category of stocks with a market capitalization of more than $200 billion, according to data compiled by Finviz.The US and Iran remained far apart on a framework to end their war and reopen the Strait of Hormuz, with Trump calling the Islamic Republic's reply to his proposed peace plan unworkable, Bloomberg reported. Tehran demanded a lifting of the US naval blockade and sanctions relief, while maintaining a degree of control over traffic through Hormuz, a person familiar with the matter told Bloomberg.West Texas Intermediate crude oil futures rose 2.3% to $97.62, and Brent crude futures increased 2.6% to $103.87.
Dow JonesNasdaq CompositeS&P 500$MU$NVDA$QCOM